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Infosys CEO Sikka Has First Big Setback as Global IT Stalls

  • Shares slump by most in a single day since he took the reins
  • Disappointing results signal gloom for global IT spending
Vishal Sikka.

Vishal Sikka.

Photographer: Namas Bhojani/Bloomberg
Updated on

Infosys Ltd. slashed its annual sales forecast, sending its shares down by the most in a single day since Vishal Sikka took the helm of Asia’s second-largest software services exporter.

The reduced outlook came after Infosys reported first-quarter revenue that lagged expectations. Since grabbing the reins in August 2014, the Stanford alumnus had presided over a 40 percent surge in Infosys’ value. Under his stewardship, the company missed analysts’ top-line expectations only one other time -- in the March quarter of 2015.